Senator Elizabeth Warren sent Elon Musk a letter demanding answers about X Money’s consumer and national security risks

Senator Elizabeth Warren sent a letter to Elon Musk on April 14 raising consumer protection, national security, financial stability, and crypto regulatory concerns about the launch of X Money, pointing to X's track record of allowing sanctioned individuals to purchase verified accounts, widespread fraud, and data privacy violations as reasons to question the company's ability to safely expand into consumer finance. Warren also flagged a potential stablecoin carveout in the GENIUS Act that could allow X to issue a stablecoin without safeguards required of public companies, and cited reports of a possible partnership with Cross River Bank, which has faced two FDIC enforcement actions. She requested written responses from Musk by April 21, including details on X Money's launch plans and the potential risks it poses.